Lucas Jackson | Reuters
A trader during the Spotify IPO at the New York Stock Exchange, April 3, 2018.
Shares of Spotify dropped as much as 8.5 percent in a volatile morning of trading Wednesday, a day after debuting on public markets.
The stock opened at $140, lower than Tuesday’s close but still higher than its reference price of $132 set Monday.
The shares pared losses to a drop of just 3 percent in the first 20 minutes of trading, putting the stock closer in line with overall market declines.
The Dow Jones industrial average, the S&P 500 and the Nasdaq composite all declined more than a percent Wednesday morning after China announced new tariffs on U.S. products.
Spotify’s unusual public debut was seen as an initial success for the music streaming service, but could pose a challenge to Wall Street if the stock performs well.